Terms and Conditions, and Privacy Notice

1.Definitions and interpretation

1.1 In these Terms, the following expressions have the following meanings.

1.1.1 "Background IP" means all intellectual property, methods, models, tools, templates, data sets, frameworks, techniques and know-how that we own or hold before an engagement begins, or that we develop outside it or independently of it, including anything of that kind that is incorporated in, or used to produce, a Deliverable.

1.1.2 "Business Day" means a day other than a Saturday, a Sunday or a public holiday in Hong Kong, on which licensed banks are open for general business in Hong Kong. A day is not a Business Day if Typhoon Signal No. 8 or above, or a Black Rainstorm Warning Signal, is in force in Hong Kong at any time between 9.00 am and 5.00 pm on that day.

1.1.3 "client" means a person with whom we have entered into an Engagement Letter, in that capacity.

1.1.4 "Confidential Information" means information disclosed by one of us to the other in connection with an engagement or a prospective engagement, in any form and whether or not marked confidential, that is identified as confidential or that a reasonable person in the position of the recipient would understand to be confidential. It includes business plans, fleet, network, traffic and cost data, commercial terms, pricing, forecasts, the terms of the engagement, and the fact and subject matter of the engagement. It does not include anything within clause 11.4.

1.1.5 "Contact Form" means the enquiry form made available on the Website.

1.1.6 "Content" means all material made available on or through the Website, including text, articles and blog posts, analysis, data, images, graphics, layout, the Wordmark, logos, and the selection and arrangement of any of them.

1.1.7 "Deliverable" means any report, memorandum, model, presentation, analysis, opinion, recommendation, note, plan or other material, and any advice whether written or oral, that we prepare or give for a client under an Engagement Letter, whether in draft or in final form.

1.1.8 "Engagement Letter" means a written engagement letter, retainer, statement of work or services agreement signed by us and by a client, together with any terms of business expressly incorporated into it and any variation of it agreed in writing.

1.1.9 "Firm", "we", "us" and "our" mean 2010 Advisory Limited, trading as 2010 Advisory.

1.1.10 "Hong Kong" means the Hong Kong Special Administrative Region of the People's Republic of China, and "HK$" means Hong Kong dollars.

1.1.11 "Newsletter" means the email newsletter we make available by subscription through the Website.

1.1.12 "PDPO" means the Personal Data (Privacy) Ordinance (Cap. 486).

1.1.13 "Personal Data" has the meaning given to it in the PDPO.

1.1.14 "Principal" means Leith Salem, Founder and Principal of the Firm.

1.1.15 "Privacy Notice" means Part B of this document, including its Annexes.

1.1.16 "Protected Persons" means the Principal, and our officers, employees, agents, subcontractors and service providers, in each case in that capacity.

1.1.17 "Regulated Activity" has the meaning given to it in Schedule 5 to the SFO.

1.1.18 "Registered Office" means Suite C, Level 7, World Trust Tower, 50 Stanley Street, Central, Hong Kong, being the registered office of the Firm and an address for correspondence. It is not a place of business, it is not open to the public, and no meeting takes place there.

1.1.19 "Securities" has the meaning given to it in Schedule 1 to the SFO.

1.1.20 "Services" means the advisory services we provide to a client under an Engagement Letter.

1.1.21 "SFC" means the Securities and Futures Commission of Hong Kong.

1.1.22 "SFO" means the Securities and Futures Ordinance (Cap. 571).

1.1.23 "Terms" means Part A of this document, as amended from time to time in accordance with clause 4.

1.1.24 "Website" means the website at https://2010advisory.com and any subdomain of it, together with all pages, features and functionality made available through it, including the content management area at /studio.

1.1.25 "Wordmark" means the lowercase "2010 advisory" wordmark and any stylised form of it used on the Website.

1.1.26 "you" and "your" mean the person accessing or using the Website, and where that person does so on behalf of an organisation, that organisation as well.

1.2 In these Terms, unless the context requires otherwise:

1.2.1 clause headings are for convenience only and do not affect interpretation;

1.2.2 "including", "includes" and "in particular" are to be read as if followed by "without limitation";

1.2.3 a reference to an Ordinance, a subsidiary instrument or a provision of either is a reference to it as amended, extended, consolidated or re-enacted from time to time;

1.2.4 words in the singular include the plural and the reverse;

1.2.5 a reference to "writing" or "written" includes an electronic record, in accordance with section 5 of the Electronic Transactions Ordinance (Cap. 553); and

1.2.6 a reference to a clause is a reference to a clause of this document.

1.3 Part A and Part B form a single document. Where Part B addresses the handling of Personal Data, Part B prevails over Part A.

1.4 Each provision of clauses 23, 24 and 25 is a separate and severable provision, and each is to be assessed on its own for the purposes of the Control of Exemption Clauses Ordinance (Cap. 71). Without prejudice to clauses 8.4, 9.9 and 17.8, which define the limits of what we undertake and are not exclusions or restrictions of liability, if and so far as any provision of clause 8, 9 or 17 is treated as an exclusion or restriction of liability, this clause 1.4 applies to that provision in the same way.

2.Who we are, and what we do

2.1 The Website is operated by 2010 Advisory Limited, a company incorporated in Hong Kong under the Companies Ordinance (Cap. 622).

2.2 We trade as 2010 Advisory.

2.3 Our Registered Office is Suite C, Level 7, World Trust Tower, 50 Stanley Street, Central, Hong Kong. That address is a registered office and an address for correspondence only. It is not a place of business.

2.4 Our Companies Registry number is [CR NO.] and our Business Registration number is [BR NO.].

2.5 Our email address for all matters arising out of the Website is leith.salem@2010advisory.com.

2.6 What we do. We provide market analysis, network and commercial strategy and fractional consulting to airlines and airports; policy advisory to governments, grounded in airline operator experience; and, to investors including limited partners, general partners and credit funds, diligence and analysis on aviation and aerospace exposure and guidance on capital allocation against aviation theses.

2.7 We are a boutique firm. The Principal performs or leads the work. We engage subcontractors and associates where an engagement calls for them, in accordance with clause 7.7.

3.Acceptance of these Terms

3.1 By accessing or using the Website you agree to these Terms. If you do not agree to them, do not access or use the Website.

3.2 These Terms apply to every access to and use of the Website, whether or not you submit the Contact Form, subscribe to the Newsletter, or become a client.

3.3 If you access or use the Website on behalf of an organisation, you represent that you are authorised to accept these Terms on its behalf, and these Terms bind that organisation.

3.4 Section 17 of the Electronic Transactions Ordinance (Cap. 553) provides that an offer and the acceptance of an offer may be expressed by means of an electronic record, and that a contract is not to be denied validity or enforceability on the sole ground that an electronic record was used in its formation. Your acceptance of these Terms by using the Website is effective accordingly.

4.Amendments

4.1 We may amend these Terms at any time by publishing the amended version on the Website.

4.2 An amended version takes effect when it is published, and applies to your use of the Website from that time. It does not apply to your use of the Website before that time, and we will not apply an amendment retrospectively to anything you did while an earlier version was in force. The version in force at any time is the version then published on the Website, which carries the date on which it was last updated, shown at the head of this page. Where it matters which version applied to something you did, the version that applied is the version published on the Website at the time you did it.

4.3 We keep a record of each published version of these Terms and of the date on which each was published. If you need to know which version applied on a particular date, ask us at leith.salem@2010advisory.com and we will tell you and supply a copy.

4.4 You should review these Terms each time you use the Website. Your continued use after an amended version is published is your acceptance of it.

4.5 No consent of any person who is not a party to these Terms, including any Protected Person, is required for an amendment under this clause. These Terms expressly so provide for the purposes of section 6 of the Contracts (Rights of Third Parties) Ordinance (Cap. 623). See clause 30.

4.6 An amendment to these Terms does not vary any Engagement Letter.

5.These Terms, the Engagement Letter, and which prevails

5.1 These Terms do two things. They govern your access to and use of the Website. They also state the basis on which we provide advisory services and on which any Deliverable is prepared.

5.2 These Terms govern the Website in all cases. No Engagement Letter displaces them in respect of your access to or use of the Website.

5.3 We provide advisory services only under an Engagement Letter. No advisory service is provided through the Website, and nothing on the Website is a Deliverable.

5.4 The Engagement Letter governs the engagement. Where we and a client have entered into an Engagement Letter, that Engagement Letter governs the Services provided under it, including their scope, the fees, confidentiality, intellectual property in the Deliverables, liability and dispute resolution.

5.5 Which prevails. If there is any conflict or inconsistency between these Terms and an Engagement Letter, the Engagement Letter prevails, but only as between the parties to it, only in respect of the Services provided under it, and without affecting clause 5.2.

5.6 Clauses 7, 8, 10, 11.1 to 11.7, 12.1 to 12.8, 13 and 14.1 apply to an engagement where the Engagement Letter incorporates these Terms, expressly or by reference. Where an Engagement Letter does not incorporate them, those clauses state the basis on which we work and the terms we will propose.

5.6.1 Clause 9 applies in any event, and to any person who obtains a Deliverable, because it defines what we undertake in preparing a Deliverable rather than restricting a liability that would otherwise arise.

5.6.2 Clauses 6, 11.8 to 11.11, 12.9, 14.2, 14.3 and 15 apply in any event to your access to and use of the Website, and do not depend on any Engagement Letter. They state what your use of the Website does not create, what happens to anything you send us before a non-disclosure agreement is in place, and the basis on which we act.

5.7 Nothing on the Website forms part of, varies, or is incorporated into any Engagement Letter unless the Engagement Letter says so expressly.

6.Our services, and how an engagement begins

6.1 We provide the Services to clients under an Engagement Letter. Clause 2.6 describes what we do.

6.2 A client relationship arises only when we and the client have signed an Engagement Letter. Nothing else creates one.

6.3 Your use of the Website does not create any client relationship, retainer, fiduciary relationship, agency, partnership, joint venture or advisory relationship between you and us.

6.4 Submitting the Contact Form, subscribing to the Newsletter, or corresponding with us by email does not create any such relationship, and does not oblige us to accept you as a client, to respond to you, or to act for you.

6.5 We may decline any enquiry or any proposed engagement, and we need not give a reason. We run a conflicts check before we accept an engagement. See clause 12.

6.6 We do not assume, and we do not undertake, any responsibility to you in respect of any decision you take on the basis of the Content. See clause 17.

6.7 What we are not. We are not a firm of solicitors, we are not accountants or auditors, and we do not provide legal, tax, accounting, audit, actuarial, valuation or insurance advice. Where a matter calls for advice of that kind, the client should obtain it from an appropriately qualified and, where relevant, appropriately licensed adviser. Nothing we provide is a substitute for it.

7.Scope of the Services, and changes to it

7.1 The Services are limited to what the Engagement Letter describes. We are not obliged to provide anything the Engagement Letter does not describe.

7.2 Anything outside that scope is a variation. This includes additional analysis, an additional workstream, an additional recipient, an additional purpose, a change of methodology, a change of assumptions, an extension of time, and any request to re-perform work because the client's position or instructions have changed.

7.3 A variation takes effect only when we and the client have agreed it in writing, together with any consequent change to the fees, the timetable and the assumptions on which the original scope was agreed. Until then we continue with the original scope.

7.4 We may decline a variation.

7.5 Where a variation is agreed, the Engagement Letter as varied continues to govern the engagement, and the variation does not otherwise change it.

7.6 Timetables and delivery dates are estimates given in good faith on the basis of the information, access and decisions available to us when they are given. Time is not of the essence unless the Engagement Letter says so expressly.

7.7 We may use subcontractors, associates and other advisers to perform part of the Services. We remain responsible to the client for work performed on our behalf.

7.8 An engagement may be brought to an end in accordance with the Engagement Letter. Fees and expenses properly incurred up to that point remain payable, clause 9 continues to apply to every Deliverable already issued, and the clauses listed in clause 26.4 continue to apply.

8.Your responsibilities, and the information we rely on

8.1 The client will give us, promptly and free of charge, the information, documents, data, access to people and decisions that we reasonably need in order to provide the Services, and will tell us if anything it has given us changes or turns out to be wrong.

8.2 The client is responsible for the accuracy, completeness and lawfulness of what it gives us, and for having the right to give it to us.

8.3 We rely on what we are given. We rely on information supplied by the client, on information supplied by persons the client asks us to speak to, and on information obtained from third party and public sources. We do not audit that information, we do not verify it independently, and we express no assurance on it. We are not engaged to perform an audit, a review, an agreed upon procedures engagement or any other assurance engagement, and nothing we do is one.

8.4 Wrong inputs produce wrong outputs. A conclusion, a recommendation or a Deliverable that depends on an input may be wrong if the input was wrong, incomplete, out of date or not disclosed to us. We do not undertake to detect that an input is any of those things, and we do not accept responsibility for the consequences to the extent that a Deliverable is affected by one. This clause defines the limits of what we undertake. It is not an exclusion or restriction of a liability that would otherwise arise, and it is subject to clauses 24.1 and 24.2.

8.5 We advise, the client decides. The client is responsible for its own decisions, for its own implementation, and for the conduct of its own business. We do not manage the client's business and we take no decision for the client, unless the Engagement Letter expressly provides otherwise, for example where we act in a fractional or interim capacity, in which case the Engagement Letter defines the authority given.

8.6 Where the client does not supply something we reasonably need, or delays in supplying it, we are not responsible for the effect on the timetable or on the Services, and any additional work that results is a variation under clause 7.

9.Deliverables, and who may rely on them

This clause is important. Please read it.

9.1 A Deliverable is prepared for the client alone. Each Deliverable is prepared for the client, for the purpose stated in the Engagement Letter, and on the basis of the information available to us and the circumstances existing at the date it is issued.

9.2 A Deliverable speaks as at the date it is issued. We are under no obligation to update it, to reissue it, to review it, or to tell the client or any other person that it has become out of date, whether because of a change in the market, in fleet, network or route economics, in policy or regulation, in the client's own position, or otherwise.

9.3 A Deliverable must be read as a whole, together with its scope, its assumptions, its sources, its methodology and its qualifications. An extract, a summary, a chart, a table or a figure taken out of a Deliverable does not carry the meaning of the Deliverable, and we accept no responsibility for it.

9.4 One purpose only. A Deliverable prepared for one purpose must not be used for another. In particular, a Deliverable must not be used in connection with a transaction, a financing, a fundraising, an offering, a listing, a regulatory filing or submission, a valuation, an audit, a tax position or any proceedings, unless we have agreed in writing that it may be.

9.5 No third party may rely on a Deliverable. A Deliverable is not addressed to any person other than the client. We owe no duty of care and no other duty to any person other than the client in respect of a Deliverable, whether that person obtains it from the client, from us, from a public source or by any other route, and whether or not we knew or ought to have known that it might reach that person. No person other than the client may rely on a Deliverable. Any person who does so does so entirely at their own risk and without recourse to us.

9.6 If the client shares a Deliverable. The client may disclose a Deliverable to its own professional advisers for the purpose of advising the client on the matter, to a person to whom disclosure is required by law, by a court or by a regulator, and to any other person we have agreed to in writing. In each case the client must make clear to the recipient that the Deliverable is provided for information only, that it was prepared for the client and for the stated purpose, that the recipient may not rely on it, and that we accept no responsibility to the recipient. Disclosure does not make the recipient a client, does not extend the purpose in clause 9.4, and does not create any duty to the recipient.

9.7 Investors, lenders and boards. Where a client wants to give a Deliverable to an investor, a prospective investor, a fund's limited partners, a lender, a purchaser, a counterparty, a board or a board committee, and wants that person to be able to rely on it, that is a separate matter and it needs our agreement. We will consider a request, and we may agree in writing on terms. Those terms will normally include a reliance letter addressed to the named recipient, a defined purpose, a defined scope of duty and a separate limit of liability. In the absence of a written agreement signed by us, no such person may rely on the Deliverable, whatever the client has told them, whatever the covering message says, and whatever the recipient assumed.

9.8 Our name. A Deliverable must not be quoted, referred to, filed, published or reproduced, in whole or in part, in any document made available to the public, to investors or to a regulator, and our name and the Wordmark must not be used in any such document, without our prior written consent. Consent may be given on conditions and may be refused.

9.9 What this clause is. Clauses 9.1 to 9.8 define the limits of what we undertake in preparing and issuing a Deliverable, the purpose for which we undertake it, and the person to whom we undertake it. They are not an exclusion or a restriction of a liability that would otherwise arise. They are subject to clauses 24.1 and 24.2.

9.10 Where a Deliverable carries a notice to the same effect on its face, that notice and this clause 9 are to be read together, and this clause 9 applies so far as the notice does not.

9.11 Each Protected Person may rely on this clause 9 in the same way as we may. See clause 30.

9.12 If, contrary to clause 9.9, any provision of clauses 9.1 to 9.8 is treated as excluding or restricting a liability that would otherwise arise, that provision applies only so far as it satisfies the requirement of reasonableness in section 3(1) of the Control of Exemption Clauses Ordinance (Cap. 71). The burden of showing that it does is ours.

9.13 Basis of this clause 9. Clauses 9.1 to 9.8 are drafted on the following basis, which the client acknowledges: a Deliverable is prepared for one client, for one purpose, on the information available to us and the circumstances existing at one date, and its meaning depends on its scope, its assumptions, its sources, its methodology and its qualifications; we agree that scope, that purpose and our fee with the client and with nobody else; a person other than the client can protect itself by commissioning its own work, or by asking us for a reliance letter under clause 9.7, which we will consider and may agree on terms; and we could neither price an engagement nor insure it if the persons who may rely on a Deliverable, and the purposes for which it may be used, were open ended.

10.Intellectual property in Deliverables

10.1 This clause 10 concerns Deliverables. Intellectual property in the Website and the Content is dealt with by clause 18, and nothing in this clause 10 grants any right in the Website or the Content.

10.2 Background IP stays ours. All Background IP remains ours. Nothing in an engagement transfers it, and a client acquires no right in it other than the licence in clause 10.4.

10.3 The Deliverable. Unless the Engagement Letter provides otherwise, we own the copyright and all other intellectual property rights in each Deliverable.

10.4 The client's licence. On payment of our fees for the engagement, we grant the client a perpetual, irrevocable, non-exclusive, non-transferable, royalty free licence to use, copy, store and adapt each Deliverable, and any Background IP embodied in it, for the client's own internal business purposes and for the purpose stated in the Engagement Letter. The licence extends to the client's group companies and to professional advisers acting for the client on the matter. It is subject to clause 9, it does not permit any use that clause 9 prohibits, and it does not permit the sale, licensing, syndication or distribution of a Deliverable to any other person. Where our fees for the engagement are the subject of a bona fide dispute as to part only, the licence takes effect on payment of the part not in dispute.

10.5 Client materials stay the client's. The client keeps ownership of everything it gives us. The client grants us a non-exclusive licence to use it for the purpose of providing the Services and for the purposes described in clause 10.6.

10.6 Know-how, methods and anonymised learning. We advise across a single sector, and the experience we accumulate is how we do it. Nothing in an engagement restricts our right to use, for any client and for our own purposes, the general knowledge, skill, experience, techniques, methods, models, tools and know-how that we hold before an engagement or acquire during it, including anything we retain in unaided memory. We may also use data derived from an engagement in anonymised and aggregated form. In each case we may do so only without disclosing Confidential Information, without identifying the client, and without enabling the client or any individual to be identified.

10.7 Where an Engagement Letter provides that a Deliverable or any part of it is assigned to the client, that assignment takes effect on payment in full of our fees for the engagement, does not extend to Background IP, and does not affect clause 10.6.

10.8 Naming a client. We may state publicly that we have acted for a client, and describe an engagement in general terms, only where the client has agreed in writing or where the engagement is already public.

11.Confidentiality

11.1 This clause runs both ways. Clauses 11.2 to 11.7 bind us and the client equally.

11.2 Each of us will keep the other's Confidential Information confidential, will use it only for the purpose for which it was given, and will not disclose it to any other person except as this clause permits.

11.3 Permitted disclosure. Each of us may disclose the other's Confidential Information to its officers, employees, subcontractors, associates and professional advisers who need it for that purpose and who are under an obligation of confidence, and to the extent required by law, by a court, by a regulator or by the rules of an exchange. Where disclosure is required, the person required to disclose will, so far as it is lawful and practicable to do so, tell the other first.

11.4 What is not confidential. Information is not Confidential Information to the extent that it is or becomes publicly available other than through a breach of this clause, was already lawfully known to the recipient free of any obligation of confidence, is lawfully received from a third party free of any obligation of confidence, or is independently developed by the recipient without use of the other's Confidential Information.

11.5 How long it lasts. These obligations continue for three years after the end of the engagement, and continue without limit of time in respect of any trade secret and any Personal Data.

11.6 Return or destruction. At the end of an engagement, each of us will on request return or destroy the other's Confidential Information, except for one copy retained for record, professional, insurance or legal purposes, and except for copies held in routine electronic backups. Anything retained under this clause remains subject to this clause 11.

11.7 Where a non-disclosure agreement is in place between us, that agreement prevails over this clause 11 on any conflict.

11.8 Before an NDA is in place, different rules apply. Clauses 11.9 to 11.11 apply to anything you send us through the Website or by email before a non-disclosure agreement or an Engagement Letter is in place. Read them before you send us anything.

11.9 Information you send us before an NDA is in place is not treated as confidential. We do not accept, and we expressly disclaim, any obligation of confidence in respect of any information, document, idea, proposal, model, data or material that you send to us, whether through the Contact Form, by email or otherwise, unless and until we have signed a non-disclosure agreement covering it, or a written confidentiality obligation is in place between us. We say this because we are approached often, we work across a small sector, and it would not be honest to invite confidences we cannot in fairness receive.

11.10 We will sign an NDA on request. If you wish to discuss a matter in confidence, tell us so before you send anything, at leith.salem@2010advisory.com, and we will put a mutual non-disclosure agreement in place. Do not send confidential, price sensitive, inside or sensitive personal information through the Contact Form. Do not send information belonging to a third party that you are not free to disclose.

11.11 Where no confidentiality obligation is in place, we are free to use, without restriction and without any obligation to you, any general knowledge, skill, know-how, ideas and concepts that we retain in unaided memory from anything you send us. We will not, however, publish, sell or make public the specific content of an enquiry sent to us, and we will not use it to identify you publicly.

12.Conflicts of interest

12.1 We work in one sector. We advise airlines, airports, governments and investors in aviation and aerospace. Those participants compete with one another, contract with one another, and sometimes take opposite sides of the same question. It follows that we act, and will continue to act, for clients whose interests differ from or conflict with those of other clients.

12.2 We may act for competitors. Nothing in these Terms or in an Engagement Letter prevents us from acting for a competitor of a client, for a counterparty of a client, or for any other participant in the same market, whether at the same time or afterwards. No exclusivity is given, and no restriction on whom else we may advise applies, unless an Engagement Letter expressly gives it.

12.3 What protects a client is confidentiality, not exclusivity. We are under an obligation of confidence to every client, whether under clause 11, under a non-disclosure agreement, under the Engagement Letter or in equity. We do not use one client's Confidential Information for another client, and we do not disclose it. That obligation is what stands between a client and the fact that we advise its competitors, and we treat it accordingly.

12.4 Before we accept an engagement we run a conflicts check against our current and recent engagements. Where we identify a conflict we cannot manage, we decline. Where we identify one we can manage, we tell the prospective client as much as we can tell them without breaching a duty of confidence owed to anybody else, and we proceed only if that client agrees.

12.5 How a conflict is managed. Measures may include restricting who works on a matter, keeping files and systems separate, and declining part of a proposed scope. We are a small firm and there is a limit to what separation can achieve here. Where a conflict is acute we decline the engagement rather than manage it, and we would rather say that plainly than promise information barriers a firm of this size cannot build.

12.6 A conflict that emerges later. If a conflict emerges after we accept an engagement, we will tell the client as soon as we properly can, and we may suspend or end the affected part of the engagement. Fees and expenses for work already done remain payable.

12.7 The client will tell us of any conflict it is aware of before we accept an engagement, and will tell us promptly of any change that may create one.

12.8 Where we hold any interest of our own in the subject matter of a proposed engagement, we will disclose it before we accept the engagement.

12.9 We may already be advising, or may in future advise, other persons in the same market, including persons whose interests conflict with yours. Nothing in clauses 11.8 to 11.11, nothing in clause 21, and nothing in your use of the Website, restricts us from doing so.

13.Non-solicitation of personnel

13.1 During an engagement, and for 12 months after it ends, neither we nor the client will solicit for employment or engagement any individual of the other who was materially involved in that engagement.

13.2 Clause 13.1 does not prevent either of us from employing or engaging a person who responds to a general advertisement or recruitment process that is not directed at the other's personnel, or who approaches us or the client on their own initiative without any prior solicitation. Nothing in this clause 13 prevents a client from engaging us, or from asking us to provide further Services.

13.3 This clause 13 is mutual, is limited to individuals materially involved in the engagement, and is intended to go no further than is reasonable to protect each of us. If a court finds any part of it wider than is reasonable, that part is to be severed and the remainder continues to apply.

14.Fees, and commercial terms

14.1 Commercial terms live in the Engagement Letter. Fees, rates, retainers, any success or contingent element, expenses and disbursements, currency, invoicing, payment terms, interest on late payment, taxes and any right to suspend work for non-payment are set out in the Engagement Letter for each engagement. This document does not address them and does not supply a fallback for them.

14.2 Nothing on the Website is a quotation, a price list, an estimate, or an offer to provide any service on any terms. No fee is payable for using the Website.

14.3 An indication of fees given before an Engagement Letter is signed is an estimate given on the assumptions stated with it. It is not binding, and it does not commit either of us to enter into an engagement.

15.Independent contractor

15.1 We act as an independent contractor. Nothing in these Terms, in an Engagement Letter or in your use of the Website creates any partnership, joint venture, employment relationship, agency or fiduciary relationship between us and you, or between us and any client.

15.2 We have no authority to bind any client, to enter into any commitment on a client's behalf, or to hold ourselves out as acting for a client except so far as an Engagement Letter permits. We do not receive, hold or have custody of money or assets for any client.

15.3 We are responsible for our own taxes, for our own insurance, and for the engagement, direction and payment of our own personnel and subcontractors.

15.4 No client is responsible for any tax, benefit, entitlement or contribution in respect of us, our personnel or our subcontractors, and no person of ours becomes an employee or worker of a client by reason of an engagement.

16.Regulatory perimeter. No investment advice, no offer, no inducement, no recommendation

This clause is important. Please read it.

16.1 The Website is not investment advice. Nothing on the Website is advice on whether, which, at what time or on what terms any Securities or other investments should be acquired, disposed of, subscribed for or underwritten. Nothing on the Website is an analysis or report prepared for the purpose of facilitating any recipient to make a decision to acquire or dispose of Securities.

16.2 The Website is not an offer or an inducement. Nothing on the Website is, or is to be construed as, an offer, an invitation, an inducement, a solicitation or a recommendation to acquire, dispose of, subscribe for or underwrite any Securities or other investment, to participate in any collective investment scheme, or to enter into any transaction of any kind. The Website contains no invitation to the public of Hong Kong, or to the public anywhere else, to acquire any Securities or to participate in any collective investment scheme, and we do not issue any such invitation through it. No document on the Website is an advertisement, invitation or document to which section 103 of the SFO applies.

16.3 We do not manage money. We do not manage, and do not offer to manage, any portfolio of Securities, futures contracts or other assets for any person. We do not hold, receive or have custody of client money or client assets. We exercise no discretion over any person's investments.

16.4 We do not deal, and we take nothing from the sell side. We do not deal in Securities and do not arrange deals in Securities. We do not receive any commission, rebate, retrocession, finder's fee or other benefit from any issuer, sponsor, arranger, broker, lessor or manager in connection with anything published on the Website. [CONFIRM: no issuer-side benefits]

16.5 Regulatory status. We are not licensed by, or registered with, the SFC for any Regulated Activity, and no application for a licence or registration is pending. Nothing we do through the Website is done in the course of a Regulated Activity, and nothing on the Website is to be read as a representation that we carry on, or hold ourselves out as carrying on, a business in any Regulated Activity. [CONFIRM: SFC licensing status]

16.6 The Website is a public publication. The Content, including the blog, is made generally available to the public free of charge. It is not gated, is not restricted to subscribers or to registered users, and is not provided in return for any fee, subscription or other consideration. Subscribing to the Newsletter is not a condition of reading anything on the Website. [CONFIRM: site password gate off in production]

16.7 What we do, and what we do not do. Clause 2.6 describes our services. Our work concerns the operating businesses, markets and economics of the aviation and aerospace sector. We do not tell any person which securities to own, and we express no view on the merits of any security.

16.8 Not directed at any person to whom it would be unlawful. The Website is published from Hong Kong. It is not directed at, and must not be accessed or relied on by, any person in any jurisdiction where its publication or availability would breach any law or regulation, or would subject us to any registration or licensing requirement in that jurisdiction. If you are such a person, do not use the Website.

16.9 Nothing in this clause is a statement about the regulatory characterisation of any service provided under an Engagement Letter. Any such service is described in, and governed by, that Engagement Letter.

17.The Content is general commentary, and is not to be relied on

17.1 The Content is general commentary and analysis about aviation and aerospace markets, businesses and policy. It is provided for information only.

17.2 The Content is not tailored to your circumstances, your objectives, your financial position, your risk tolerance or your regulatory position. We know nothing of them and we have not considered them.

17.3 The Content is not advice of any kind, whether investment, legal, tax, accounting, regulatory or otherwise, and it must not be relied on as advice.

17.4 The Content speaks as at the date of publication. Aviation markets, fleet and network economics, policy and regulation change quickly. We are under no obligation to update the Content, to correct it, or to notify you that it has become out of date, and you must not assume that any item has been reviewed since it was published.

17.5 The Content may include estimates, projections, opinions, forward-looking statements and views on which reasonable people differ. Estimates and projections are inherently uncertain and actual outcomes will differ from them.

17.6 The Content may include or refer to information obtained from third parties. We have not independently verified all of it, and we do not warrant its accuracy or completeness.

17.7 You must not rely on the Content. Before taking or refraining from taking any action on the basis of anything on the Website, you must obtain your own professional advice from an appropriately qualified and, where relevant, appropriately licensed adviser, and you must satisfy yourself as to the accuracy, completeness and suitability of the information for your purposes.

17.8 What we do not undertake. We publish the Content to a general audience. We do not know who reads it, we do not know what any reader intends to do, and we are not asked to advise any reader. Accordingly we do not undertake, and we do not accept, any responsibility for any investment, financing, commercial or other decision that any person takes or does not take, whether to make, not to make, hold, increase, reduce or dispose of any investment or exposure. Any such decision is that person's own, taken on their own judgement and on their own advisers' advice. This clause defines the limits of what we undertake in publishing the Content. It is not an exclusion or restriction of a liability that would otherwise arise.

17.9 We take reasonable care to ensure that factual statements on the Website, including statements about the Principal's experience, are accurate when published. Where you consider that anything on the Website is inaccurate, please tell us at leith.salem@2010advisory.com and we will review it.

18.Intellectual property in the Website and the Content

18.1 All intellectual property rights in the Website and the Content are owned by us or by our licensors. This includes copyright in the text and articles, rights in the design and layout, and rights in the Wordmark and any other logo or brand feature used on the Website, whether or not registered.

18.2 "2010 advisory" and the Wordmark are our trade marks. Nothing on the Website grants you any licence to use them.

18.3 Subject to clauses 18.4 to 18.7, we grant you a limited, revocable, non-exclusive, non-transferable licence to access and view the Content on screen, and to print or download individual pages for your own internal business use or personal reference, in each case without modification and retaining all copyright and other proprietary notices.

18.4 You may quote a short extract from a blog post for the purposes of commentary, criticism, review or news reporting, provided that the extract is not the substance of the post, that you attribute it to 2010 Advisory, and that you include a link to the source page on the Website.

18.5 Except as clauses 18.3 and 18.4 permit, you must not copy, reproduce, republish, distribute, transmit, adapt, translate, create derivative works from, or commercially exploit any part of the Content without our prior written consent.

18.6 Nothing in this clause 18 restricts, or purports to restrict, any act that is permitted under the Copyright Ordinance (Cap. 528), including fair dealing for the purposes of research, private study, criticism, review, quotation or the reporting of current events.

18.7 All rights not expressly granted are reserved. This clause 18 grants no licence in respect of any Deliverable, which is dealt with by clause 10 and by the Engagement Letter.

19.Permitted use

19.1 You may use the Website for the purpose of obtaining information about us and our services, reading the Content, contacting us and subscribing to the Newsletter.

19.2 You must use the Website in accordance with these Terms and with all applicable laws.

19.3 You are responsible for the equipment, software and network connection you use to access the Website, and for their security.

20.Prohibited conduct

20.1 You must not:

20.1.1 use the Website for any unlawful purpose, or in any way that breaches any applicable law or regulation;

20.1.2 use any robot, spider, scraper, crawler or other automated means to access, monitor, index, copy or extract the Content or any part of the Website, except that a search engine operator may index the Website in the ordinary course by means that respect the Website's robots directives;

20.1.3 systematically download, harvest or copy any substantial part of the Content, whether by automated means or otherwise;

20.1.4 use the Content, or any part of it, to train, fine-tune, evaluate or otherwise develop any machine learning model, large language model or artificial intelligence system, without our prior written consent;

20.1.5 attempt to gain unauthorised access to the Website, to any server or system on which it is hosted, or to any account, and in particular you must not attempt to access the content management area at /studio;

20.1.6 probe, scan or test the vulnerability of the Website, or circumvent or attempt to circumvent any security, authentication or access control measure;

20.1.7 introduce or transmit any virus, worm, trojan, logic bomb, keystroke logger, ransomware or other malicious code, or any material designed to cause harm to the Website or to its users;

20.1.8 conduct any denial of service attack, or take any action that imposes an unreasonable or disproportionate load on the Website or its infrastructure;

20.1.9 use the Contact Form, the Newsletter signup or any other feature of the Website to transmit unsolicited commercial communications, spam, chain material, defamatory material, material that infringes any third party's rights, or any unlawful or offensive material;

20.1.10 submit any information through the Website that you know or suspect to be false, misleading or fraudulent, or impersonate any person or misrepresent your identity, affiliation or authority;

20.1.11 subscribe any email address to the Newsletter other than your own, or an address you are authorised by its user to subscribe;

20.1.12 remove, obscure or alter any copyright, trade mark or other proprietary notice on the Website;

20.1.13 frame, mirror or deep link to the Website in any manner that misrepresents the source of the Content, or that suggests any association, sponsorship, approval or endorsement by us that does not exist; or

20.1.14 use the Website or the Content in any way that suggests that we provide any service that we do not provide, or that we hold any licence or registration that we do not hold.

20.2 Conduct of the kind described in clauses 20.1.5 to 20.1.8 may be a criminal offence under Hong Kong law. Where we consider that an offence may have been committed, we may report the matter to the police or to another authority and may co-operate with them, including by disclosing your identity where we are required or permitted by law to do so.

20.3 We may suspend or terminate your access to the Website for a breach or a suspected breach of this clause 20. See clause 26.

21.Contact Form, Newsletter and unsolicited information

21.1 The Contact Form invites you to tell us about your enquiry. What you send us is your choice, and you should send us no more than is necessary for us to understand it and respond.

21.2 Confidentiality of what you send us before an engagement is dealt with by clauses 11.8 to 11.11. Read them before you send us anything.

21.3 You warrant that any information you submit through the Website is yours to submit, does not infringe any third party's rights, is not confidential to any third party, and does not breach any duty you owe to any person.

21.4 We are under no obligation to respond to any enquiry, to review any material you send us, or to return or retain it. We may delete it.

21.5 Personal Data submitted through the Contact Form and the Newsletter signup is handled in accordance with Part B. Contact Form data is never added to the Newsletter list. See clause 41.

22.Third party links, and no endorsement

22.1 The Website may contain links to websites, documents, publications and resources operated or published by third parties. Those links are provided for convenience and for reference.

22.2 We do not control third party websites and we do not review their content on any continuing basis. We are not responsible for them, for their availability, for their content, for their accuracy, or for their handling of your Personal Data.

22.3 A link is not an endorsement, a recommendation, an approval or a representation of any kind about the linked website or about any person, product, service or security referred to on it, and it does not imply any association between us and its operator.

22.4 You follow a link at your own risk, and your use of a third party website is governed by that website's own terms and privacy policy, not by these Terms or by the Privacy Notice.

22.5 Where a third party links to the Website, that does not imply any association between us and that third party. We may require any person to remove a link to the Website.

23.Disclaimer of warranties

23.1 This clause 23 is subject to clauses 24.1 and 24.2, which set out the liabilities that we do not exclude and cannot lawfully exclude.

23.2 The Website and the Content are made available free of charge and on an "as is" and "as available" basis.

23.3 Subject to clauses 24.1 and 24.2, we do not warrant, represent or undertake that:

23.3.1 the Content is accurate, complete, current, or free from error or omission;

23.3.2 the Content is suitable or sufficient for any particular purpose, or for any decision you may take;

23.3.3 the Website will be available, uninterrupted, timely, secure, or free from viruses or other harmful components; or

23.3.4 any defect in the Website will be corrected.

23.4 Subject to clauses 24.1 and 24.2, and so far as it is reasonable to do so, all conditions, warranties and other terms implied by statute or common law into your use of the Website are excluded from these Terms. This clause is directed at your free use of the Website. It does not apply to any service supplied under an Engagement Letter, and it is not intended to exclude any term implied by the Supply of Services (Implied Terms) Ordinance (Cap. 457) into any such service.

23.5 Each Protected Person may rely on this clause 23 in the same way as we may. See clause 30.

24.Liability

24.1 Liabilities we never exclude. Nothing in these Terms, and nothing anywhere on the Website or in any notice we give, excludes or restricts, or purports to exclude or restrict:

24.1.1 our liability for death or personal injury resulting from negligence, which cannot be excluded or restricted by any contract term or by any notice, under section 7(1) of the Control of Exemption Clauses Ordinance (Cap. 71);

24.1.2 our liability for fraud or for fraudulent misrepresentation; or

24.1.3 any other liability that cannot lawfully be excluded or restricted.

24.2 Misrepresentation, and section 108 of the SFO. We do not exclude or restrict any liability, or any remedy, for misrepresentation, including any liability under section 3 of the Misrepresentation Ordinance (Cap. 284) or under section 108 of the SFO, except so far as the exclusion or restriction satisfies the requirement of reasonableness in section 3(1) of the Control of Exemption Clauses Ordinance (Cap. 71), as section 4 of the Misrepresentation Ordinance (Cap. 284) requires. The burden of showing that an exclusion or restriction satisfies that requirement is ours.

24.3 Your awareness of, or agreement to, these Terms or to any notice on the Website is not to be taken of itself as your voluntary acceptance of any risk, in accordance with section 7(3) of the Control of Exemption Clauses Ordinance (Cap. 71).

24.4 Indirect loss. Subject to clauses 24.1 and 24.2, we are not liable to you, whether in contract, in tort including negligence, for breach of statutory duty, in restitution or otherwise, for any of the following, to the extent that it is indirect or consequential loss:

24.4.1 loss of profit;

24.4.2 loss of revenue;

24.4.3 loss of anticipated savings;

24.4.4 loss of business, of contracts or of goodwill;

24.4.5 loss of or damage to reputation;

24.4.6 loss of or corruption of data; and

24.4.7 any other indirect or consequential loss.

The exclusions in this clause 24.4 apply in addition to the limit in clause 24.5, and a loss excluded by this clause is not counted towards that limit.

24.5 Financial limit. Subject to clauses 24.1 and 24.2, our total aggregate liability to you arising out of or in connection with the Website, the Content and these Terms, whether in contract, in tort including negligence, for breach of statutory duty, for misrepresentation, in restitution or otherwise, is limited to HK$[LIABILITY CAP AMOUNT].

24.6 Basis of the limit. Clauses 24.4 and 24.5 are drafted on the following basis, which you acknowledge: the Website and the Content are made available to you free of charge; the Content is general commentary that is expressly not to be relied on, as clause 17 sets out, and clause 17.8 records what we do not undertake; we have no knowledge of your circumstances or of the decisions you may take; the risks of any decision you take can be managed by obtaining your own professional advice, as clause 17.7 requires; and the limit in clause 24.5 has been set by reference to the resources available to us to meet a liability and to the professional indemnity insurance available to us. [CONFIRM: professional indemnity insurance]

24.7 Each provision of this clause 24 operates separately. If any of them is held to be unenforceable, that does not affect the remaining provisions, and clause 24.1 applies in any event.

24.8 Where we provide Services under an Engagement Letter, our liability for those Services is governed by that Engagement Letter. Clauses 24.4 and 24.5 are drafted by reference to the Website and the Content, and clause 24.5 does not apply to the Services. Where an Engagement Letter incorporates these Terms and does not itself exclude or limit our liability for the Services, clause 24.4 applies to the Services.

24.9 Each Protected Person may rely on this clause 24 in the same way as we may, and our total aggregate liability and that of all Protected Persons taken together does not exceed the limit in clause 24.5. See clause 30.

25.Indemnity

25.1 Subject to clauses 25.2 to 25.5, you agree to indemnify us against all reasonable losses, liabilities, damages, costs and expenses, including reasonable legal costs on a party and party basis, that we actually incur in connection with a claim brought against us by a third party, and that arise directly from:

25.1.1 your breach of clause 20 (prohibited conduct); or

25.1.2 your breach of the warranty in clause 21.3.

25.2 The indemnity in clause 25.1 does not extend to any loss to the extent that it is caused by our own negligence, breach or wilful default, or by our failure to take reasonable steps to mitigate it.

25.3 We will notify you promptly of any claim in respect of which we intend to seek an indemnity under this clause, will not settle it without consulting you, and will provide you with reasonable information about it.

25.4 We may claim under this clause 25 in respect of a loss suffered by a Protected Person. A Protected Person has no right to enforce this clause 25 directly. See clause 30.

25.5 This clause 25 does not apply to you if you are dealing as consumer within the meaning of section 4 of the Control of Exemption Clauses Ordinance (Cap. 71), that is, if you are using the Website otherwise than in the course of a business and not holding yourself out as doing so.

26.Availability, suspension and termination

26.1 We do not guarantee that the Website will be available at any particular time or for any particular period. The Website may be unavailable because of maintenance, upgrades, failures of infrastructure operated by third parties, or events outside our control.

26.2 We may at any time and without notice change, suspend, withdraw or discontinue the Website or any part of it, including any part of the Content and the Newsletter, permanently or temporarily.

26.3 We may restrict, suspend or terminate your access to the Website, in whole or in part, where we reasonably believe that you have breached these Terms, or where we are required to do so by law.

26.4 Survival. Neither the termination or suspension of your access to the Website, nor the ending of an engagement, affects any right or liability that has accrued before it, and clauses 1, 5 to 18, 20, 21, 23 to 25 and 28 to 33 survive.

27.Force majeure

27.1 We are not liable for any failure or delay in performing any obligation under these Terms, or for any unavailability of the Website, to the extent that it is caused by an event beyond our reasonable control. Such events include act of God, typhoon, rainstorm, flood, fire, earthquake, epidemic or pandemic and any measure taken in response to one, war, terrorism, civil disturbance, industrial action, failure or interruption of electricity, telecommunications or internet services, failure of a third party hosting, content delivery or email provider, cyber attack, and any act, order or restriction of a government or regulator.

27.2 This clause does not apply to any obligation to pay money, and does not limit clause 24.1 or clause 24.2.

28.Privacy and Personal Data

28.1 Part B sets out how we handle Personal Data collected through the Website, and forms part of this document.

28.2 The Personal Information Collection Statements at Annexes 1 and 2 are displayed at the point at which the relevant Personal Data is collected, in accordance with Data Protection Principle 1(3) in Schedule 1 to the PDPO.

29.General

29.1 Severability. If any provision of these Terms is or becomes invalid, illegal or unenforceable, it is to be severed to the minimum extent necessary, and the remaining provisions continue in full force.

29.2 No waiver. No failure or delay by us in exercising any right or remedy is a waiver of it, and no single or partial exercise of any right or remedy prevents any further exercise of it or of any other right or remedy. A waiver is effective only if given in writing, and only in respect of the matter for which it is given.

29.3 Entire agreement. These Terms, together with Part B, constitute the entire agreement between you and us in respect of your use of the Website, and supersede all previous statements, understandings and arrangements between you and us in respect of it. The version of these Terms that forms that agreement is the version published on the Website at the time you accessed or used it. This clause is subject to clauses 24.1 and 24.2, and it does not apply to, and does not supersede, any Engagement Letter.

29.4 Assignment. You may not assign, transfer, charge, subcontract or otherwise deal with any of your rights or obligations under these Terms. We may assign or transfer our rights and obligations under these Terms to any person who acquires our business or the Website, and we will publish notice of any such transfer on the Website. You consent to any such transfer taking effect as a novation on the same terms.

29.5 Language. These Terms are made in English. If we publish a translation, the English version prevails in the event of any inconsistency.

30.Contracts (Rights of Third Parties) Ordinance

30.1 Each Protected Person may enforce clauses 9, 23 and 24 under the Contracts (Rights of Third Parties) Ordinance (Cap. 623), and may rely on them as if that Protected Person were a party to these Terms.

30.2 Except as clause 30.1 provides, a person who is not a party to these Terms has no right under the Contracts (Rights of Third Parties) Ordinance (Cap. 623) to enforce any of them. In particular, no Protected Person may enforce clause 25.

30.3 These Terms expressly provide, for the purposes of section 6 of that Ordinance, that the consent of any person who is not a party to these Terms, including any Protected Person, is not required to vary, amend, rescind or terminate these Terms or any of them, and that section 5 of that Ordinance does not apply to these Terms.

30.4 We may enforce clauses 9, 23, 24 and 25 on behalf of, or in respect of a loss suffered by, any Protected Person, and the total aggregate liability limit in clause 24.5 applies to us and to all Protected Persons taken together.

31.Governing law and jurisdiction

31.1 These Terms, and any dispute or claim arising out of or in connection with them, with the Website or with the Content, including any non-contractual dispute or claim, are governed by and are to be construed in accordance with the laws of Hong Kong.

31.2 You submit to the non-exclusive jurisdiction of the courts of Hong Kong in respect of any such dispute or claim.

31.3 Clause 31.2 does not prevent us from bringing proceedings against you in any other court of competent jurisdiction, including a court in the place where you are resident or established, or where your assets are located, and we may bring concurrent proceedings in any number of jurisdictions to the extent permitted by law.

31.4 These Terms contain no agreement to arbitrate. Where a dispute arises under an Engagement Letter, the dispute resolution provisions of that Engagement Letter apply to it, and this clause 31 does not.

32.Notices

32.1 A notice given under these Terms must be in writing.

32.2 A notice to us is validly given if it is:

32.2.1 sent by email to leith.salem@2010advisory.com; or

32.2.2 delivered by hand or sent by prepaid post or courier to 2010 Advisory Limited at Suite C, Level 7, World Trust Tower, 50 Stanley Street, Central, Hong Kong, marked for the attention of the Principal. That address is a registered office and an address for correspondence, and delivery by hand should be arranged in advance by email.

32.3 A notice from us to you is validly given if it is sent by email to the email address you last supplied to us, or, where the notice concerns the Terms generally, by publication on the Website in accordance with clause 4.

32.4 A notice is deemed received:

32.4.1 if sent by email, at the time it is sent, or if sent after 5.00 pm on a Business Day or on a day that is not a Business Day, at 9.00 am on the next Business Day, in each case Hong Kong time, provided that the sender has not received an automated message indicating that the email has not been delivered;

32.4.2 if delivered by hand, at the time of delivery;

32.4.3 if sent by prepaid post within Hong Kong, two Business Days after posting; and

32.4.4 if sent by courier or by prepaid airmail to an address outside Hong Kong, five Business Days after despatch.

32.5 This clause 32 is an agreement to the contrary for the purposes of sections 18, 19 and 20 of the Electronic Transactions Ordinance (Cap. 553). Those sections apply only so far as this clause does not provide otherwise.

32.6 This clause 32 does not apply to the service of any document in legal proceedings or in any other formal dispute resolution process, which is governed by the applicable rules of court.

32.7 A notice under Part B, including a data access request, a data correction request or a request to stop direct marketing, may be given in the manner set out in Part B, and this clause 32 does not restrict that.

33.How to contact us

33.1 For any matter arising out of the Website or these Terms, write to us at leith.salem@2010advisory.com.

33.2 Our postal address for correspondence is our Registered Office: 2010 Advisory Limited, Suite C, Level 7, World Trust Tower, 50 Stanley Street, Central, Hong Kong.

33.3 For matters concerning Personal Data, use the contact point in clause 50.

34.About this Privacy Notice

34.1 This Privacy Notice is our Privacy Policy Statement for the purposes of Data Protection Principle 5 in Schedule 1 to the PDPO. It sets out our policies and practices in relation to Personal Data, the kinds of Personal Data we hold, and the main purposes for which we use it.

34.2 The Personal Information Collection Statements at Annexes 1 and 2 are given separately, at or before the point at which we collect the Personal Data to which each of them relates, in accordance with Data Protection Principle 1(3). Annex 1 is displayed at the Contact Form. Annex 2 is displayed at the Newsletter signup. This Privacy Notice does not replace either of them.

34.3 Words defined in Part A have the same meaning in this Part B.

34.4 This Privacy Notice applies to Personal Data we collect through the Website. Personal Data we collect in the course of an engagement is dealt with in the relevant Engagement Letter.

35.Who is the data user

35.1 The data user is 2010 Advisory Limited, trading as 2010 Advisory, of Suite C, Level 7, World Trust Tower, 50 Stanley Street, Central, Hong Kong, which is our registered office and our address for correspondence.

35.2 The person responsible for Personal Data matters is the Principal. Data access and correction requests should be addressed to the Principal at the address in clause 50. We are a small firm and we do not maintain a separate data protection office. Naming a job title that nobody holds would be worse than naming the one that somebody does.

36.The Personal Data we collect

36.1 Contact Form. When you submit the Contact Form, we collect:

36.1.1 your name, which is required;

36.1.2 your email address, which is required;

36.1.3 your job title, which is optional;

36.1.4 your telephone number, which is optional; and

36.1.5 the content of your message, which is required, and any Personal Data you choose to include in it.

36.2 The Contact Form is processed by a server action which sends the submission to us by email through our email provider, Resend. We do not write the submission to any database of ours. It reaches us as an email and is held in our email account, which is hosted by [EMAIL HOST]. Resend keeps its own record of the messages it sends on our behalf, in accordance with its own retention practice.

36.3 Newsletter. When you subscribe to the Newsletter, we collect your email address, and nothing else. The email address is stored by Resend as a contact in our audience list, together with the record of your subscription and of any unsubscribe.

36.4 Server logs. Our hosting provider, Vercel, may create technical request logs in the ordinary operation of the Website, which can include IP addresses, requested paths, request times and user agent strings. These logs are generated by the hosting infrastructure. We do not use them to identify or profile any visitor, we do not analyse them to measure readership, and we do not combine them with any other data. [CONFIRM: Vercel request logs]

36.5 Content management. Where a person administers the Website through Sanity Studio at /studio, Sanity holds that person's account details. In practice this is the Principal alone. No visitor to the Website has, or can create, an account.

36.6 We collect nothing else. We do not collect Personal Data from you by any other means through the Website. We do not buy, rent or otherwise acquire Personal Data about you from any third party, and we do not build profiles of visitors.

36.7 We do not seek, and we ask you not to send us, any Personal Data relating to a person's health, biometric or genetic characteristics, identity card or passport numbers, financial account details, or criminal record. If you send such data to us unsolicited, we will delete it unless we are required to retain it.

37.Purposes of collection

37.1 We use Personal Data collected through the Contact Form to:

37.1.1 read, assess and respond to your enquiry;

37.1.2 correspond with you about your enquiry, including by telephone if you have supplied a number;

37.1.3 consider whether we are able to act, including running a conflicts check;

37.1.4 discuss and, where both parties wish to proceed, put in place an engagement, including a non-disclosure agreement; and

37.1.5 keep a record of the enquiry and of our response, and comply with any legal or regulatory obligation or request that applies to us.

37.2 We use the email address collected at the Newsletter signup for one purpose only: to send you the Newsletter, and to administer your subscription, including recording your consent and any unsubscribe.

37.3 We use technical request logs, where they exist, only for the secure and reliable operation of the Website, including diagnosing faults and investigating misuse.

37.4 We will not use Personal Data for any new purpose that is not the purpose for which it was collected, or a purpose directly related to it, unless you have given prescribed consent to that new purpose in accordance with Data Protection Principle 3.

37.5 The Website carries no advertising and we do not sell, rent or trade Personal Data to anyone, for any purpose, ever.

38.Classes of persons to whom Personal Data may be transferred

38.1 Personal Data collected through the Website may be transferred to, or accessed by, the following classes of person:

38.1.1 the Principal, and any employee, contractor or professional adviser of the Firm who needs access for a purpose in clause 37;

38.1.2 our service providers, namely:

(a) Vercel, which hosts the Website and runs the server action that processes the Contact Form (United States);

(b) Sanity, which provides the content management system for the Website (United States and Europe, including the European Economic Area); and

(c) Resend, which transmits Contact Form submissions to us by email and which stores and sends the Newsletter (United States);

[CONFIRM: processor legal names]

38.1.3 the provider that hosts our email account, being [EMAIL HOST], where Contact Form enquiries and any correspondence with you are held;

38.1.4 our professional advisers, including lawyers, accountants and auditors, where they need access in order to advise us; and

38.1.5 any court, regulator, law enforcement agency or other authority, and any other person, where we are required or permitted by law to disclose the data, or where disclosure is necessary to establish, exercise or defend legal rights.

38.2 We do not transfer Personal Data to any other person, and in particular we do not transfer it to any marketing network, data broker, advertising platform or analytics provider.

39.Whether supply is voluntary, and the consequences of not supplying

39.1 It is entirely voluntary for you to supply any Personal Data to us. Nothing on the Website requires you to.

39.2 If you do not supply your name, your email address and a message, we cannot receive or respond to your enquiry.

39.3 The job title and telephone number fields on the Contact Form are optional. If you do not supply them, we will still respond to your enquiry, by email.

39.4 If you do not supply an email address at the Newsletter signup, we cannot send you the Newsletter.

39.5 Hong Kong law does not require us to identify a "legal basis" of the kind used in some other jurisdictions. We collect Personal Data by lawful and fair means, for purposes directly related to our activities as an advisory firm, and we collect no more than is necessary for those purposes, as Data Protection Principle 1 requires. For direct marketing, we additionally rely on your consent, which we ask for separately and which you may withdraw at any time. See clause 40.

40.Direct marketing, and the Newsletter

40.1 The Newsletter is direct marketing for the purposes of Part 6A of the PDPO, because it goes to a named recipient and it makes our services known. We treat it as such.

40.2 Notification under section 35C of the PDPO. Before we use your Personal Data in direct marketing, we tell you the following, and we repeat it at the Newsletter signup:

40.2.1 we intend to use your Personal Data in direct marketing;

40.2.2 we may not so use it without your consent;

40.2.3 the kind of Personal Data we will use is your email address, and only your email address;

40.2.4 the classes of services we will market to you are our own advisory services, namely investor advisory and diligence on aviation and aerospace exposure, airline and airport market analysis, network and commercial strategy and fractional consulting, and aviation policy advisory to government, together with our published analysis and commentary on aviation and aerospace markets; and

40.2.5 you may give or refuse consent through the response channel at the Newsletter signup, and by writing to us at leith.salem@2010advisory.com. Using that response channel is free of charge.

40.3 Consent. We will not use your Personal Data in direct marketing without your consent. Consent is given by ticking the consent box at the Newsletter signup, which is not ticked by default, and submitting the form. Submitting the form without ticking the box does not subscribe you and does not give consent. We do not pre-tick the box, we do not treat the act of submitting a form as consent by itself, and we do not bundle consent into any other agreement.

40.4 Notice on first use. When we use your Personal Data in direct marketing for the first time, we will tell you in that first message that you may require us to stop, without charge.

40.5 Stopping at any time. You may require us to stop using your Personal Data in direct marketing at any time, and free of charge, by:

40.5.1 clicking the unsubscribe link in any Newsletter; or

40.5.2 writing to us at leith.salem@2010advisory.com with the word "unsubscribe", or to the Principal at the address in clause 50.

We will comply. There is no charge, no reason is needed, and no consequence follows for any other dealing you have with us.

40.6 We will not pass your data to anyone else for their marketing. We do not provide Personal Data to any third party for that third party's own direct marketing, whether for gain or otherwise, and we will not do so.

40.7 Message format. Each Newsletter is a commercial electronic message with a Hong Kong link for the purposes of the Unsolicited Electronic Messages Ordinance (Cap. 593). Accordingly, each Newsletter:

40.7.1 identifies us accurately as the sender and gives contact details for us, which will remain valid for at least 30 days after the message is sent;

40.7.2 carries a clear and conspicuous unsubscribe facility and unsubscribe facility statement, which will remain capable of receiving unsubscribe requests for at least 30 days after the message is sent;

40.7.3 presents the sender information and the unsubscribe facility statement at the beginning of the message, in the order prescribed by the Unsolicited Electronic Messages Regulation (Cap. 593A); [CONFIRM: prescribed order under Cap. 593A s.8(2)] and

40.7.4 carries a subject heading that is not misleading.

40.8 We will give effect to an unsubscribe request sent through the unsubscribe facility within 10 working days, and in practice sooner.

40.9 There is no register in Hong Kong on which an email address may be listed to prevent commercial email, and we make no claim to screen against one. Your unsubscribe request to us is what stops the Newsletter, and it is honoured.

41.Contact Form data is never used for marketing

41.1 Personal Data you submit through the Contact Form is never added to the Newsletter list, and is never used for direct marketing of any kind.

41.2 The two flows are kept separate. The Contact Form sends an email to us. The Newsletter signup adds a contact to a list held by Resend. Nothing moves from the first to the second.

41.3 If you contact us through the Contact Form and you also want the Newsletter, subscribe separately at the Newsletter signup.

42.Transfer and storage outside Hong Kong

42.1 Personal Data collected through the Website is processed and stored outside Hong Kong. This is a plain consequence of the services we use, and we would rather say so directly than bury it.

42.2 The recipients are:

42.2.1 Vercel (hosting and the Contact Form server action), in the United States;

42.2.2 Sanity (content management for the Website), in the United States and Europe, including the European Economic Area;

42.2.3 Resend (transmission of Contact Form emails, and storage and sending of the Newsletter), in the United States; and

42.2.4 [EMAIL HOST] (our email account, where Contact Form enquiries come to rest).

42.3 Section 33 of the PDPO, which would restrict transfers of Personal Data outside Hong Kong, has never been brought into operation and is not in force. There is accordingly no statutory restriction under Hong Kong law on these transfers. We tell you about them because Data Protection Principle 1(3) requires us to tell you the classes of persons to whom your Personal Data may be transferred, and because you are entitled to know where your data goes.

42.4 Each of the providers named in clause 42.2 is engaged by us as a data processor. In accordance with Data Protection Principle 2(3) and Data Protection Principle 4(2), we use contractual means, being each provider's data processing terms, to prevent Personal Data transferred to it from being kept longer than is necessary for the purpose, and to prevent unauthorised or accidental access, processing, erasure, loss or use of it.

42.5 We remain responsible for Personal Data handled on our behalf. Section 65(2) of the PDPO makes us liable for acts done by an agent with our authority, and engaging a service provider does not transfer that responsibility away from us.

43.Retention

43.1 We keep Personal Data only for as long as is necessary for the purpose for which it was collected, or for a directly related purpose, and we erase it when it is no longer required, unless erasure is prohibited by law or it is in the public interest not to erase it.

43.2 In practice:

43.2.1 Contact Form enquiries are held in our email account for [CONTACT RETENTION PERIOD] from our last communication with you about the enquiry, and are then deleted. Where an enquiry leads to an engagement, the Personal Data relating to that engagement is retained under the retention terms of the Engagement Letter instead. Resend's own record of the message it sent is retained for the period set by Resend's retention practice, which is short, and is not within our control beyond the terms we have agreed with Resend.

43.2.2 Newsletter subscriptions are held for as long as you remain subscribed. When you unsubscribe, we remove your email address from the sending list. We retain a minimal suppression record, being the email address and the fact and date of the unsubscribe, for the sole purpose of making sure you are not added back and that we can demonstrate that your request was honoured. That record is used for nothing else.

43.2.3 Technical request logs, where they exist, are retained for the period set by our hosting provider's standard log retention and are then deleted. [CONFIRM: Vercel request logs]

43.3 We may retain Personal Data for longer where it is necessary to comply with a legal or regulatory obligation, or to establish, exercise or defend a legal claim, and only for so long as that need lasts.

44.Security

44.1 We take practicable steps to protect Personal Data against unauthorised or accidental access, processing, erasure, loss or use.

44.2 Those steps include: serving the Website over an encrypted connection; limiting access to Contact Form submissions and to the Newsletter list to those who need it, which in practice is the Principal; requiring multi-factor authentication on the accounts through which Personal Data is accessible; engaging established service providers who maintain their own security controls; and, as clause 42.4 sets out, using contractual means with each of them. [CONFIRM: multi-factor authentication is enabled]

44.3 If a breach affecting your Personal Data occurs and we assess that it is likely to cause you real harm, we will tell you and we will consider notifying the Privacy Commissioner. Hong Kong law does not currently make breach notification mandatory. We treat it as the right thing to do rather than as a legal requirement, and we do not promise a fixed timetable.

44.4 No transmission of information over the internet and no method of electronic storage is completely secure. Please do not send confidential, price sensitive or sensitive personal information through the Contact Form. Clause 11.10 explains how to put a non-disclosure agreement in place first.

45.Data access and correction

45.1 You have the right under section 18 of the PDPO to ask us whether we hold Personal Data about you and, if we do, to be supplied with a copy of it. This is a data access request.

45.2 You have the right under section 22 of the PDPO to ask us to correct Personal Data about you that is inaccurate. This is a data correction request.

45.3 Make a request in writing to the Principal, using the contact details in clause 50. Please describe the data you are asking about, and give us enough information to identify you and to locate the data. We may ask you to verify your identity before we act, so that we do not disclose Personal Data to the wrong person.

45.4 We will respond to a data access request within 40 days of receiving it, as section 19(1) of the PDPO requires.

45.5 We will respond to a data correction request within 40 days of receiving it, as section 23 of the PDPO requires, either by making the correction or by giving you a written refusal with our reasons.

45.6 Fees. We may charge a fee for complying with a data access request, as section 28(2) of the PDPO permits. Any such fee will not be excessive, as section 28(3) of the PDPO requires, and will be limited to costs that are directly related to and necessary for complying with the request. We will tell you the amount before we start, and you may withdraw the request. We will not charge any fee for a data correction request.

45.7 In a small number of situations the PDPO requires or permits us to refuse a data access request, for example where complying would disclose Personal Data about another person who has not consented. Where we refuse, we will tell you in writing and give our reasons, within the 40 day period.

45.8 You may also ask us to erase Personal Data about you that we no longer need. We will do so unless erasure is prohibited by law or it is in the public interest not to erase it, in line with section 26 of the PDPO.

45.9 If you are dissatisfied with how we have handled your Personal Data, please tell us first and we will look into it. You also have the right to complain to the Office of the Privacy Commissioner for Personal Data, Hong Kong.

46.Cookies

46.1 The public pages of this Website set no cookies of their own. There is no advertising cookie, no analytics cookie, no tracking cookie and no preference cookie. [CONFIRM: site password gate off in production]

46.2 Two exceptions exist, and both are administrator only:

46.2.1 the content management area at /studio, which is Sanity Studio. Sanity sets authentication cookies there so that an administrator can sign in and stay signed in. Those cookies are strictly necessary for that sign in to work, are first party, and are set only for a person who visits /studio and signs in; and

46.2.2 the visual editing preview. When an administrator opens a page from Sanity Studio in preview, a draft mode cookie and a preview perspective cookie are set on the main domain so that the page renders unpublished content. They are set only after a signed preview secret has been validated, which only an authenticated Studio user can obtain.

46.3 In practice the administrator is the Principal alone. A visitor to the public pages does not encounter any of these cookies.

46.4 Because the public pages set no cookies of their own and run no tracking, there is nothing for you to consent to and nothing for you to switch off, and we do not show a cookie banner. A banner would be a statement about behaviour that this Website does not have.

46.5 Hong Kong has no law requiring consent to cookies. We state the position above because it is true and because you are entitled to know it, not because a law compels the statement.

47.Analytics, advertising and tracking

47.1 We run no analytics product on this Website. There is no Google Analytics, no Vercel Analytics, no Vercel Speed Insights and no equivalent. We do not measure or analyse which pages you read, how long you stayed, or where you went next. Where technical request logs exist at the hosting layer, as clause 36.4 describes, they are used for operating the Website and not for measuring readership.

47.2 We run no advertising and there is no advertising or marketing pixel, tag, beacon or fingerprinting script on this Website. There is no Meta pixel, no LinkedIn Insight Tag, no Google Tag Manager container and no equivalent. The only Google related item in the page source is a Google Search Console site verification meta tag, which proves ownership of the domain to Google. It sets no cookie, runs no script and collects nothing from you.

47.3 We load no third party scripts and no third party fonts. Fonts are served from this Website.

47.4 We do not track you across websites, we do not participate in any advertising network, and we do not build or buy audience segments.

47.5 We do not use Personal Data collected through the Website to make any decision about you by automated means.

48.If you are in the European Economic Area or the United Kingdom

48.1 If you are in the European Economic Area or the United Kingdom and you consider that your Personal Data is protected by the General Data Protection Regulation or the UK GDPR, write to us at leith.salem@2010advisory.com and we will deal with your request.

49.Changes to this Privacy Notice

49.1 We may update this Privacy Notice from time to time. The version in force at any time is the version then published on the Website, which carries the date on which it was last updated, shown at the head of this page.

49.2 Where a change materially affects how we use Personal Data that we already hold about you, we will not apply it to that data without giving you notice and, where the PDPO requires it, obtaining your consent.

49.3 A published version governs our handling of Personal Data from the date on which it is published. The version published before it governs our handling of Personal Data before that date. If you need to know which version applied on a particular date, ask us at leith.salem@2010advisory.com and we will tell you and supply a copy.

50.How to contact us about Personal Data

50.1 Data access requests, data correction requests, requests to stop direct marketing, and any other question about Personal Data should be addressed to:

The Principal
2010 Advisory Limited
Suite C, Level 7, World Trust Tower, 50 Stanley Street, Central, Hong Kong
Email: leith.salem@2010advisory.com

50.2 The address above is our registered office and our address for correspondence. It is not a place of business, so please write or email rather than call in person.

Annex 1Personal Information Collection Statement, Contact Form

This statement is given at the Contact Form itself, at or before the point at which we collect the data. A link to this page alone does not satisfy Data Protection Principle 1(3).

Before you send this form.

What we collect. Your name and email address, which are required. Your job title and telephone number, which are optional. Your message, and anything you choose to put in it.

What we use it for. To read and respond to your enquiry, to correspond with you about it, to run a conflicts check, to discuss and where appropriate put in place an engagement or a non-disclosure agreement, to keep a record of the enquiry and our response, and to meet any legal or regulatory obligation that applies to us.

Who else sees it. Your submission is sent to us by email through Resend, our email provider, and comes to rest in our email account, which is hosted by [EMAIL HOST]. We do not write it to any database of ours. This Website is hosted by Vercel and its content is managed with Sanity. Those providers process data outside Hong Kong, in the United States and in Europe. We may also share your data with our professional advisers, and with a court, regulator or authority where we are required or permitted by law to do so. We do not sell or rent personal data to anyone.

We will not add you to our newsletter. Data from this form is never added to the newsletter list and is never used for marketing. If you want the newsletter, subscribe separately.

It is your choice. Supplying this data is entirely voluntary. If you do not give us your name, your email address and a message, we cannot respond to your enquiry. Job title and telephone number are optional and you will still get a reply without them.

Please do not send confidential information yet. Anything you send before a non-disclosure agreement is signed is not treated as confidential. Ask us for an NDA first at leith.salem@2010advisory.com and we will put one in place.

Access and correction. You may ask for a copy of the personal data we hold about you, or ask us to correct it. Write to the Principal, 2010 Advisory Limited, Suite C, Level 7, World Trust Tower, 50 Stanley Street, Central, Hong Kong, or email leith.salem@2010advisory.com. We respond within 40 days. We may ask you to verify your identity first. A fee that is not excessive may be charged for a data access request. No fee is charged for a correction.

Full details are in our Privacy Notice, above.

Annex 2Personal Information Collection Statement and direct marketing notice, Newsletter signup

This statement is given at the Newsletter signup itself, at or before the point at which we collect the data, together with a consent box that is not ticked by default.

Newsletter.

What we collect. Your email address. Nothing else.

What we use it for. To send you our newsletter, and to administer your subscription.

Direct marketing, and your consent. We intend to use your email address in direct marketing. We may not use it in direct marketing without your consent. The only personal data we will use is your email address. The only things we will market to you are our own advisory services: investor advisory and diligence on aviation and aerospace exposure, airline and airport market analysis, network and commercial strategy and fractional consulting, and aviation policy advisory to government, together with our published analysis and commentary. You can give or refuse consent using the box below, or by writing to us at leith.salem@2010advisory.com. Either way is free.

Yes, send me the 2010 Advisory newsletter, and use my email address as described above.

Stopping. You can tell us to stop at any time, free of charge, by clicking unsubscribe in any newsletter or by emailing leith.salem@2010advisory.com. We honour it, and nothing else changes.

Who else sees it. Your email address is stored and the newsletter is sent by Resend, in the United States. This Website is hosted by Vercel and its content is managed with Sanity. We never provide your email address to any third party for that party's own marketing.

It is your choice. Supplying your email address is entirely voluntary. If you do not, we cannot send you the newsletter. Nothing else follows. Reading anything on this website does not require a subscription.

Access and correction. You may ask for a copy of the personal data we hold about you, or ask us to correct it. Write to the Principal, 2010 Advisory Limited, Suite C, Level 7, World Trust Tower, 50 Stanley Street, Central, Hong Kong, or email leith.salem@2010advisory.com. We respond within 40 days. We may ask you to verify your identity first. A fee that is not excessive may be charged for a data access request. No fee is charged for a correction.

Full details are in our Privacy Notice, above.

Annex 3Newsletter message header block

This is the header block that appears at the beginning of every Newsletter, above the editorial content. It is reproduced here so that you can see what we send.

Sent by 2010 Advisory Limited, trading as 2010 Advisory, Suite C, Level 7, World Trust Tower, 50 Stanley Street, Central, Hong Kong. leith.salem@2010advisory.com. These contact details are valid for at least 30 days from the date of this message.

You can tell us to stop sending you commercial electronic messages at any time, free of charge, by using the unsubscribe link below or by replying to this email with the word "unsubscribe". We will act on your request within 10 working days. The unsubscribe facility will work for at least 30 days from the date of this message.